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Economics is about needs and wants.

Economics is about needs and wants. Economics is the study of how we make decisions in a world in which resources are limited. What is the difference between microeconomics and macroeconomics?. Economics. Micro Macro.

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Economics is about needs and wants.

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  1. Economics is about needs and wants. Economics is the study of how we make decisions in a world in which resources are limited.

  2. What is the difference between microeconomics and macroeconomics? Economics Micro Macro The study of the economy as a whole and decision making by large units such as governments or whole industries or societies The study of the behavior and decisions of small units such as individuals and businesses

  3. Economic Systems: A country’s economic system helps determine how basic economic decisions will be made. The United States operates under a free enterprise system of capitalism. Businesses are allowed to compete for profit with a minimum of government interference. The goods and services a country can provide depends on its resources. Resources are the things used in making goods and services. There are limited resources and that creates scarcity. Scarcity means making choices.

  4. Choices society makes with scarcity. • How to produce. • What to produce. • For Whom to produce. In summary: Scarcity forces suppliers and consumers to choose among alternatives and to arrive at affordable decisions.

  5. Questions for review practice • 1. Capitalism is an example of a(n): • Economic model • Economic system • Economic decision • Branch of economics

  6. Economic resources • Four factors of production are necessary to produce goods and services. • Natural resources-gifts of nature • Labor- human resources • Capital- goods used to make other goods and services. Human Capital: extra training or investment in workers. • Entrepreneurs- individual who assumes risk to start new business, introduces new products and improves processes.

  7. Welcome to Little Italy Pizzeria. We are small business owners and currently operate two pizza restaurants. Our pizzerias are located at Stonecrest and the Arboretum. Who wants to volunteer to be a Store Manager? We’ll talk salary and benefits! • What are examples of the four factors of production you would see inside our pizza parlor?

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